Fuel Prices Steady as Crude Sees First Weekly Drop in Three Weeks

Petrol and diesel prices across major Indian cities remained largely unchanged on Sunday, even as state-run oil marketing companies continue their daily 6 AM rate revisions. The last significant adjustment came on 25 May, when petrol and diesel prices were hiked by approximately ₹2.7 and ₹2.8 per litre, respectively.

In the national capital, petrol is priced at ₹102.12 per litre, while diesel costs ₹95.20. Mumbai residents pay ₹111.21 for petrol and ₹97.83 for diesel. Other metro rates include Chennai at ₹107.76 (petrol) and ₹99.55 (diesel), and Kolkata at ₹113.51 and ₹99.82, respectively.

Meanwhile, global crude benchmarks retreated on Friday, marking their first weekly decline in three weeks. Brent crude settled at $89.31 per barrel, down 0.43%, while West Texas Intermediate fell 0.16% to $83.40. Traders weighed comments from the new US Federal Reserve chairman alongside reports of a possible agreement on shipping through the Strait of Hormuz.

On the geopolitical front, Iran signalled no retreat on Saturday, with Deputy Foreign Minister Kazem Gharibabadi stating that Tehran and Oman had reached an understanding over the strait. He added that the deal would only be implemented once the US fulfils its commitments under the Islamabad MoU. "The Strait of Hormuz remains closed, and any vessel passing through does so in coordination with Iran," Gharibabadi said, noting that Iran is prepared for any scenario.

Iraq has offered to mediate, with security adviser Qassim al-Araji saying Baghdad seeks to act as a bridge between Iran and the United States.

Separately, CNG prices were hiked in Delhi, Noida, and Ghaziabad on Saturday. Indraprastha Gas Ltd raised the Delhi rate by ₹3.89 per kg to ₹86.98, citing a sharp rise in international LNG prices due to disrupted cargo movement through the Strait of Hormuz. The cumulative increase in Delhi CNG prices this year now stands at nearly ₹10 per kg.